Pandora and Assaleyta

Thani Stratex

Oriole has a 30.4% interest in privately-owned Thani Stratex Resources Limited for its projects in Egypt and Djibouti. Thani Stratex has indicated it’s intention to move to a stock-exchange listing and the Company awaits further information in this regard.

Thani Stratex Licences

Thani Stratex holds 12 licences in Djibouti and is currently focused on Oklila (Pandora) and Assaleyta.

Pandora

The 93 sq km Oklila licence includes the main Pandora epithermal vein target (comprising Pandora and Pandora South prospects) which is up to 10 metres wide at surface and can be traced over a strike length of approximately 2.5 km. Grades vary from 5ppb Au to 54.5g/t Au.

Located 250 metres SW of the main Pandora structure, the Pyrrha Vein has been identified over a strike length of 1,540 km. The vein is generally less than 1 m in thickness. High gold assays of up to 71.60 g/t Au at surface could indicate a potential for the presence of high gold grades at depth. Further mapping in the area has also discovered the Thyia Zone which appears to be a linkage structure between Pyrrha and Pandora. The entire system at Oklila comprises over 10 km strike of outcropping and inferred veins.

A maiden diamond drilling programme was completed in 2016 for 2,159 m in 15 holes across the Pandora South and Pandora Central zones. The best results were yielded from paired holes OK-D-10 and OK-D-11, and OK-D-12 and OK-D-13 that were drilled 200 m apart and included 1.36 m @ 10.55 g/t Au and 6.87 m @ 4.45 g/t Au. These holes have confirmed continuity of surface mineralisation to a vertical depth of approximately 150 m below surface, with the intersections in holes OK-D- 10 and OK-D-11, and OK-D-12 and OK-D-13 correlating with surface values of 1.30 m @ 6.40 g/t Au and 1.90 m @ 20 g/t Au respectively.

In H1-2018, TSR completed Phase 2 drilling for 3,036.5 m in 18 holes. The aim of this drilling was to test the depth-extension of previously drilled mineralisation and identify potential higher-grade ore shoots within the system that could lead to the definition of a resource. Results have demonstrated broad zones of multi-gram gold mineralisation towards the NW-end of the main Pandora vein, as well as narrower zones of higher-grade mineralisation. Best results (recalculated by the Company using a 0.2 g/t Au cut-off) include:

Importantly, hole OK-D-32 was drilled to intersect the WNW-oriented Pyrrha vein, which appears to be part of the same structurally-controlled vein system as the Pandora vein, and returned 55.4 g/t Au over 1.22m from approximately 32m below surface (based on -50° drill hole inclination). The Pyrrha vein, though narrow on surface, has been mapped for over 400m and will be an important focus for additional drill testing. TSR plans to undertake preliminary metallurgical test work ahead of a next phase of drilling.

In 2016, a maiden drilling programme was completed across the three main prospects, Porcupine Hill, Red Eagle Mountain and Black Mamba. The drilling confirmed vertical continuity of the system to a depth of at least 175 m and returned best intercepts of 17.38 m @ 2.25 g/t Au from surface (AY-DD-01) and 1.58 m @ 8.67 g/t Au from 177.19 m (AY-DD-03).